Property Rights,Predation, and Productivity*

I develop a neoclassical growth model with imperfect property rights in which predation entails both waste of resources and deadweight losses. According to the model, in the United States, the welfare costs of crime represent a loss of 18.6 percent of consumption per capita. This loss is 57.8 percent for a country in the average of the last decile of the distribution of an index of business costs of crime across 94 countries. An increase of one standard deviation in the institutional quality index increases GDP per worker by 23 percent for a country in the average of the last decile of its distribution.     

A cross‐cultural and cross‐gender analysis of compulsive buying behaviour's core dimensions

This study seeks to address the disagreement in the literature about compulsive buying behaviour's (CBB) dimensional structure and tests for cross‐cultural and cross‐gender invariance in young British, Chinese, Czech and Spanish consumers using structural equation modelling. The results show that CBB has two compulsive dimensions: Compulsive Purchasing (CP) and Self‐control Impaired Spending (SIS). These dimensions are cross‐culturally invariant, although the influence of SIS on CBB is higher in more developed countries, particularly among females. The confirmation of the SIS dimension and the external validity of the CBB construct established through the cross‐cultural invariance in CBB dimensions indicate that screening tools should be revised accordingly. The SIS dimension has possibly been previously misinterpreted as impulsive and/or as spontaneous buying and may explain the higher incidence of CBB among female consumers.     

把我国边疆地区建成“一带一路”综合效应先行区

党的十九大以后,我国以更加开放的姿态推进"一带一路"建设和实施自由贸易试验区战略,我国边境地区区位优势又有了新的质变。本文根据新形势的要求,从双方合作的角度将我国边疆及边境地区的战略地位重新定位为"‘一带一路’综合效应先行区",并对其将发挥的8个先行功能提出了相关建议和主要措施。新的定位及相应的实施措施将更加有利于我国边疆地区的发展,在"一带一路"建设中发挥更大的作用。     

Constructing an index for comparing human resources management sustainability in Europe

Assuming that a company's institutional context influences its sustainability approach and its human resources management (HRM), this article compares firms' sustainable HRM systems across countries. Despite the presence of a supranational government, different social models exist in Europe according to the level of social protection in each country. The article compares the engagement of companies with sustainable HRM across Europe and develops an index with which to compare HRM sustainability in countries that present significant institutional differences: Germany, Spain, Sweden, and the United Kingdom. The index is constructed based on a formative measurement model, which reflects the implementation levels of sustainable HRM in 106 western European firms. The index reveals significant differences between companies from the four countries and between liberal and coordinated market economies, indicating the need to address the impact of the national institutional context on firms' HRM sustainability.     

国际“过度旅游”现象述评

“过度旅游”对可持续发展具有关键性的负向影响。人类旅行与旅游活动经历了一个漫长的发展过程,2000年前后,全球大多数国家和地区都已经或开始进入大众旅游时代。旅游发展的各种影响——经济的和非经济的、积极的和负面的——都在不断扩大。从总的趋势而言,当人类旅行与旅游活动人数规模、访问区域、增长速度和影响较小的时候,对旅游发展的反对声音多局限在特定地区、时段和人群,但随着旅游规模扩展与速度逐渐加快,“拥挤度”加大的情况下,反对的声音则越来越强烈,甚至开始从情绪上反对转变成社会行动。到21世纪第二个十年的后期,“过度旅游”开始变成一种“全球关注”,关注的群体由最初的旅游目的地居民扩展到学术界、国际旅游机构、旅游业界、国家政府相关机构以及各类媒体,旅游者本身也参与其中。这一关注在2018年形成高潮,“overtourism”正式被英国《牛津英语词典》选入当年的年度词汇。于是,国际社会越来越关注“过度旅游”现象,并以不同的方式确定其含义,评估其影响,探讨产生的原因和谋划应对策略与行动。尽管对“过度旅游”现象的认识还存在着很多分歧,政府、业界、社会乃至旅游者对待这一现象的态度大相径庭,但毕竟这一现象引起了全球的关注,因此,了解和研究这一现象,探讨其发展趋势,应当是旅游相关学术机构的责任。本文旨在为对“过度旅游”现象的来龙去脉做一个初步的梳理,以期推进我国学术界关注这个“全球关注”现象的研究,促进我国旅游业健康有序地发展。也许“过度旅游”在中国尚未成为严重问题,但未雨绸缪、防患于未然是非常必要的。更何况,在全球更加开放,全球化不断深化的国际背景下,一个遍及全球的问题,恐怕中国也很难独善其身。     

Emerging new themes in environmental,social and governance investing: a systematic literature review

Environmental, social and governance (ESG) investing is a large and influential industry. Its activities could be illuminated, appraised and improved by academic research. Unfortunately, research to date has focused on measuring return performance. A wider range of topics is necessary before research can properly inform investors, companies and regulators. This paper contributes to the challenge by systematically exploring the literature to reveal a richer array of topics: the heterogeneous nature of ESG investing, its costs and motivations, and its management literature origins. In addition to these established topics, five emerging themes are identified: the human element, climate change, fund flows, fixed income and the rise of non-Western players.     

政府竞争水平差异有利于提升企业跨地区并购绩效吗？

地方政府竞争水平的差异化特征，为企业通过跨地区并购所形成的资本跨区域布局提供了“制度套利”机会和“资源协同”空间。基于2007—2013年我国A股上市公司的非关联跨地区并购数据，理论分析并实证检验了政府竞争水平差异影响企业跨地区并购绩效的具体效应及逻辑路径。研究发现：政府竞争水平差异显著提升了企业跨地区并购绩效，主并企业所得税税负的下降、财政补助收入的增加在政府竞争水平差异与并购绩效的关系中具有部分中介作用。因此，中央政府应进一步扩大和优化地方政府在税收竞争及财政支出竞争方面的自主权，而主并企业应重视并购中的税务协同和价值链协同效应。     

The Impact of the US Interest Rate Hike on Emerging Market Economies and the Belt and Road Initiative

Since the end of 2015, the US Federal Reserve has raised its benchmark interest rate nine times. This has led to capital outflows and asset depreciation in many emerging market economies. The present paper examines the factors that determine the financial volatility of emerging markets in the face of external shocks. By calculating the capital flows of 30 emerging markets from 1990 to 2018 and conducting panel regression, this paper finds that countries with good infrastructure facilities, a sound banking system and high economic growth have significantly lower cross‐border financial risks. An implication from the empirical analysis is that emerging countries would benefit greatly by actively taking part in the Belt and Road Initiative. The framework of the Belt and Road Initiative allows emerging countries better access to China's massive consumer market to promote trade and long‐term growth. Their quality of infrastructure can be improved through cooperation with China in infrastructure investment. They can also jointly establish a cooperative financial framework to enhance regional financial stability. These strategies will reduce systematic financial risks and counteract the negative impacts of US interest rate hikes.     

尺度效应、缩减变量与会计数据的价值相关性

会计数据价值相关性中的尺度效应，由于会导致错误的统计推断，从而在会计实证研究中备受关注。对尺度效应减轻的方法——缩减法下不同缩减变量的含义进行了比较分析，应用中国资本市场数据，采用残差分析法对不同缩减变量在减轻尺度效应方面的效率进行了比较。研究发现：缩减法改变了变量的经济含义，无法真正反映会计数据的价值相关性；缩减法确实降低了大尺度部分的系数偏差及异方差，却增大了小尺度部分的系数偏差与异方差，未能真正减轻尺度效应；相较于其他缩减变量，股数作为缩减变量效果最好     

Forecasting equity returns: The role of commodity futures along the supply chain

This paper examines equity return predictability using the returns of commodity futures along the supply chain in China's financial market. We find that a considerable number of commodities exhibit significant in‐sample forecasting ability at the daily horizon, especially for supplier‐side equity returns. The macroeconomic risk premium effect, captured by the aggregate commodity prices, is an important source for this predictability. The out‐of‐sample results show that for most commodities, the predictability remains both statistically and economically significant, and the forecasting performance improves substantially during recessions or with economic constraints.